3AC co-founders' OPNX exchange onboards FTX, Celsius bankruptcy claims
Claims can be converted into collateral to trade crypto futures on the exchange. OPNX, an exchange dedicated to the trading of bankruptcy claims against fallen crypto firms, has listed FTX and Celsius claims. According to the July 14 announcement, FTX claims specifically can be immediately onboarded and converted into collateral in the form of OPNX's native reborn OX (reOX) tokens or oUSD, its credit currency. Users can then trade crypto futures using reOX as collateral. The claims are tokenized in partnership with Heimdall, which also handles onboarding and user verification. Developers wrote: "Claims will initially be converted into reOX tokens at a 100% bonus of the market price, which will converge to 0% bonus over a period of 50 weeks. This means, during Week 1, users will receive double the market price for their FTX claim." In an illustrative example by OPNX, a $1 million FTX claim with a claim price of 30 cents on the dollar would receive $600,000 in equivalen...